Sam Bankman-Fried's Arrest And Why It's Good News For Crypto.

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Finally, Sam Bankman-Fried, the CEO of FTX has just been arrested and this is confirmed by the Bahamas police. Well, took quite a while to be honest but I guess that's has always been the case with crypto matters especially since there are no many strict laws on crypto related matters yet. I guess the delay in arrest was also because authorities were taking their time to understand what really went down and to find concrete reasons to arrest him.


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So why is his arrest a good news for crypto?
As much as I still feel heartbroken with what happened to FTX, I believe it's right that SBF be arrested, questioned and made to face justice. The crypto space is well known for forgiving and easiy letting go of atrocities and crime, so so easily mostly because at the end of the day in most cases, no one can really do anything considering the fact that there are no crypto laws in most countries and the cost(time and money) of bringing people to face justice is enormous.

This I believe is why many people feels the crypto space is a safe haven for their crimes and atrocities since they can easily get away with them than in real time. The worse that usually happens to a person found wanting or with a unpleasant behaviours is that whatever is associated with them will be dumped like in the case of LUNA.

I think this is a great turning point and a good thing for crypto as a whole that SBF has been arrested. It did felt like nothing was gonna happen to him especially when he was going round for interviews. Well, this is also passing the message that with time, no one really would be able to get away with atrocities like it was in the early days and I think this is a good sign to those who are yet to get involved with cryptos and a relief for those who were massively affected by the crash, to atleast know that something was done and he wasn't living life like nothing happened.

I'm still expecting the news of Do Kwon's arrest. I learnt he was hiding in Serbia and haven't made any public appearances in a while. Hopefully we get to see more people answer for their crimes and atrocities around here. It would most definitely make the space safer and sane.



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This I believe is why many people feels the crypto space is a safe haven for their crimes and atrocities since they can easily get away with them than in real time. The worse that usually happens to a person found wanting or with a unpleasant behaviors is that whatever is associated with them will be dumped like in the case of LUNA.

Great opinion piece. If I have one comment, about this particular article it's the likelihood LUNA was some highly leveraged hedge fund that wanted to de-peg UST and do so by dumping LUNA with extremely large amounts of borrowed BTC or $$ to dump quick and kill the chance of re-peg due to the inflationary algorithm under extreme pressure. Given Tether is mainly the non-backed stablecoin of choice for Alameda before they imploded themselves - and both Tether bank Deltec Bank and Trust Limited + FTX and most of Alameda seemed to have all been operating in a structured partnership for years operating on many exchanges using Tether and loaned USDT - I would say the LUNA dump and UST de-peg, in theory of the game, would prob have been to destroy a Tether competitor and to also keep FTX/Alameda the most powerful Tether players in the game. It's not so much conspiracy as a story that would make sense. I take crypto events with a grain of salt. Some plausibly real world true events and some part of the story that teaches us what the dangers and possible uses/outcomes of these nascent blockchain and token instruments are as we begin to enter a newer, more self-custodied crypto hodler space.

I don't so much care to see people jailed. I just care to see crypto operate on chain and decentralized to make it immune from falsified auditing, falsified financial reporting, hidden using of deposits to make highly risky bets that cause CH 11 filings! Bitcoin as Satoshi designed it in its most alpha first official released Win 7 EXE software form could already function this way.

It's time to move on to the way Bitcoin and its many PoW innovative sister projects are meant to operate. As well as Web 3 networks with their own on-chain rules that automate the system to work perfectly without any authoritative party needed to meddle with it. Like... #HIVE

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I also don't care about seeing folks like him behind bars, I mean, Sam is a brilliant person else he won't have created a multibillion dollar company, but holding him accountable will perhaps make more people be cautious of the system they've built here and ensure no such incidents happen again, since they'll know they can be arrested and made to face justice which is quite rare in the crypto space right now. I might not send SBF to jail if I were a judge, but I'd get him to use his brains to create a better system, and also ensure there's a way to pay back those who had lost money from his actions. Not sure how this would work especially since he has now been charged with more sinister crimes, but it's sure better than having such a brilliant mind though in jail doing nothing and solving no problems.

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I do not care if getting him arrested won't make me recover what I lost with the exchange, but I love the fact that he is arrested and he should be made to pay for his crime...I feel excited about the news..

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Hopefully Do Kwon will be next.

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Hopefully, he needs to be held accountable for his actions

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It will be a good thing if he will be made to face the real situation in the law.

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Yeah, it would pass a strong message about the crypto space as well.

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I agree that these people should be held accountable for their actions. Maybe then there would be more widespread adoption of crypto. We can hope.

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Yeah, I agree more people who commit crimes and atrocities in the cryptospace should be held accountable for their actions , it would send a strong message to the outside world and perhaps increase adoption since people would feel much more safe.

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Exactly right, @teesart! They find ways to prosecute fraud and financial crimes in the centralized system so they can figure it out for the crypto space too.
Have a great day. 😀
!ALIVE
!CTP

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